Bitcoin’s price remains rangebound near $118,200 as traders await the Federal Open Market Committee’s (FOMC) interest rate decision. Market participants exhibit caution regarding potential market-moving comments from Fed Chair Jerome Powell during this highly anticipated meeting.
Technical analysis shows Bitcoin faces stiff resistance near $120,000. A decisive breakout above this threshold with substantial trading volume could ignite bullish momentum toward new record highs. Conversely, failure to hold critical support levels could trigger a downswing toward $112,000.
The $112,000 and $105,400 support zones are considered vital for maintaining bullish structure. Historical patterns suggest potential price recovery after testing these levels, though sustained breakdowns would signal stronger bearish pressure.
Beyond the Fed decision, traders monitor upcoming U.S. economic catalysts including the nonfarm payrolls report and tariff deadlines. These events may significantly influence broader cryptocurrency sentiment and Bitcoin’s near-term trajectory amid current market uncertainty.